The Electronic Payment Systems in a Developing Economy with Reference to Guyana
Abstract:
The general intention
of this Publication is to feature Electronic Payment Systems in a Developing
Economy with reference to Guyana and the bearing comprising
the advantages in cultivating payment systems while heightening safety, the efficiency
of payments, and cost savings. The continuous transformation of a developing economy’s
payments system will support monetary growth through the fiscal system for its sustainability
and enables proficient financial interposition. This publication
further highlights the need for frequent evaluation and supervision for the continuous
modernization of electronic payment systems to the benefit and referencing to the
developing economy of Guyana. Critical areas that are essential which emphasis have
been placed upon but needs further attention in addressing, are as follows:
1. Increase the rate of finalizing a transaction
through its related operations within actual or rapid time, as time is money. Currently,
the rate of one transaction varies (by hours).
2. Decrease of paper materials and handling
costs which generally eases functional cost.
3. Payment assurance and dependable guard against
illegal entry to the client’s account in ensuring safe dispensation.
This publication has formed the basis to associate investors
behind the target to endorse a modern payments system infrastructure that is required
for a developing economy with reference to Guyana with the objective of restructuring,
empowering discussion and the propelling effect in generating inventive and country-specific
electronic payment solutions. It should be noted that a substantial amount of transformation
has occurred to date with reference to Guyana.
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